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ASIC has permanently banned a former Sydney-based mortgage broker following fraud convictions.
The financial services regulator has permanently banned Aleksandra Frizzell after it was found she dishonestly obtained funds from an employee, clients, and people purchasing goods on Facebook Marketplace.
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Frizzell was accredited with Beagle Finance Pty Ltd between 2013 and 2017 and Supra Financial Pty Ltd between 2017 and 2018.
However, it was found that – between 2015 and 2019 – she dishonestly obtained funds from an employee, clients, and people purchasing goods on Facebook Marketplace.
She had been convicted of 17 counts of dishonestly obtaining a financial advantage by deception, three counts of dealing with identity information to commit an indictable offence, and one count of dishonestly obtaining property by deception in the Newcastle Local Court in 2019.
After pleading guilty to the charges – which reportedly resulted in home loan customers losing hundreds of thousands of dollars through mortgage ‘scams’ – Frizzell was sentenced to four years’ imprisonment (with a non-parole period of two years and three months). The maximum penalty would have been five years’ imprisonment.
Lawyers in the prosecution had alleged that Frizzell had been defrauding people to fuel a codeine addiction and purchase luxury goods.
Consequently, based on her convictions, Frizzell has been banned permanently (as the Australian Securities & Investments Commission [ASIC] may permanently ban a person from the financial services and credit industries if they are convicted of fraud.)
The bannings took effect on 15 July 2024 and prohibit her from:
- Providing any financial services or engaging in any credit activities.
- Controlling an entity that carries on a financial services business or engages in credit activities.
- Performing any function for an entity carrying on a financial services business or engaging in credit activities, including as an officer, manager, employee, or contractor.
Frizzell has the right to apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.
[Related: ASIC bans NSW finance broker]
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